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David Domzalski, Author at RUN THE MONEY
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All posts by David Domzalski

How Much Money Should I Save for Retirement? A Look at Savings Goals by Age

How much money should I save for retirement?

Yes, that’s the age old personal finance and money question if there ever was one.  We all want to be given “the number” to shoot for and desire to know how close (or how far) we are to that target.

how much money should I save for retirementIf you’re like my wife and I, you wonder whether you are doing it right or not.  You are constantly discussing money matters over dinner or during a long car ride.  Maybe you worry about how you will be able to afford your own home.  If you do own a home, you may worry about having enough money for the mortgage each month.

Then, there’s saving for children.  You need clothes, food, diapers, toys, and who knows what else.  One day, you will want to send them to college.  So, there is saving for that.

Finally, you probably don’t want to work for the rest of your life.  I know I don’t.  So, you need to plan for retirement somehow.  However, that seems so far off and you just put off doing anything about it.

So, depending on your situation, you are likely asking yourself one of two questions.  If you aren’t saving, you will want to know how you can get started.  On the other hand, if you are saving, you will want to know if you’re saving enough.

In order to answer those questions, you have to know your goals and understand the process to achieve them. You also have to make sure you are budgeting properly by using an app like Personal Capital and know your numbers.

Saving money is not a one-size fits all concept.  Sure, there are guidelines and we will discuss some of those.  But, you need to customize these guidelines to fit your lifestyle and your family’s end game.Read more

5 Millennial Money Facts That Will Make You Say OMG

millennial money facts that will make you say omg

Are you in violation of these millennial money mix-ups? You might want to take a few minutes and find out.

It’s always amazing to me how little people know about money. Now, I’m not about to get on my soap box here, but it’s incredibly worrisome that many of us fail to have even the basics down.

I’ve said this before, but humor me here. I know people who didn’t start investing in their companies’ retirement programs (and they matched) until their late 20s or early 30s. I know people who have used their homes as ATMs and delayed their retirement for years because of it. And, of course, my family is guilty of buying too much house which forced us to downsize.

So, it’s no surprise then to see how poorly millennials and recent college graduates are doing with money. They have student loans. They haven’t planned for the future. They can’t buy a house. Sure, these are generalizations I know. But, there is often some truth it and we need to find a way to correct it.

As a side note, I do love seeing stories that showcase members of Gen Z buying homes and Gen Y having money saved for retirement. It’s definitely an encouraging trend and one to monitor going forward.

However, based on this new study from Laurel Road, we have a lot of work to do. Checkout what I highlighted from the study below. See if you’re guilty of these financial sins!Read more

4 Things You Need to Know Before Starting A Business

things you need to know before starting a business

Got a great guest post today from the folks at Digital Exits on the things you need to know before starting a business. Let us know what you think and check the team out on


Starting your own business can be daunting and leave you with countless questions about how to best make an impact and hit the ground running. It’s always good to do your research first to make sure you know what you’re up against and how the market is looking.Read more

7 Best Tips For Working Moms Returning From Maternity Leave

We have a great guest post today for all your working moms out there! We cover our best tips for working moms returning from maternity leave. It comes to use from Emma Anderson. Emma is the head resume writer at Job Frog Resumes. She balances taking care of her energetic 2 year old girl, her hungry husband, work career and social life – just managing to fit sleep in there somewhere. Check her out at @jobfrogresumes on Twitter and on Facebook. Let us know what you think of this one in the comments. Thanks!


One of the biggest challenges for any new mother is returning into the workforce after she has given birth. You may think you have lost all of your old skills, yet you will find you have retained these, and you have also picked up some new ones along the way.

Your multi-tasking and time management skills will have improved as they do with most mothers, and your communication skills will have received a huge boost also.

If you are returning to work for your old employer, this can be slightly easier than if you have found a new position within a new company. There will still be a few hurdles to clear, yet once you have re-connected with your old boss and work colleagues, things should come flooding back.Read more

What You Need To Know To Get A Remote Job

If you’ve clicked on this article, you’re obviously interested in a remote position and the chance to work from home. I’m also going to assume you don’t work from home yet, you have a job that doesn’t allow it, or you’re one of the unlucky ones who aren’t offered the privilege to work from home.

It can be frustrating.

After all, you’re trying to craft a lifestyle for you and your family. You don’t want to be married to your work — and be a slave to the day job. Totally get it.

But, work at home jobs are scams you find on Craig’s List, right? Or they’re at least incredibly difficult to find, correct?

Wrong. And wrong again.

It is possible to work from home and find that dream remote job. Fortunately, I had the chance to pick the brain of Brie Reynolds, who just happens to be the Senior Career Specialist at FlexJobs. She spoke about the 14 most common remote jobs (and how much they pay) along with FlexJobs’ free guide for finding a remote job.Read more

5 Proven Ways You Can Make Money Today

We have a great contributed post today on proven ways you can make money today. Enjoy!

Are you looking to make some extra money for you and your family? Times are tough out there for everyone, so you definitely came to the right place.

It’s difficult to find time to supplement your job income or bring in a second income to the household as a stay-at-home parent. These are conversations my wife and I have all the time.

Here are few conventional and not-so-conventional ideas for bringing that little extra each month to cover surprise bills or pad the savings account. Let us know what you think and add your own!

Spare Space

Do you have spare space at home? Perhaps you’ve got a spare bedroom that is currently holding junk or maybe a garage that’s doing the same? Maybe you even have an empty garage or basement that’s just sat there?

When this is the case, you can make money from it. You’ll often find that you can rent out your spare room to a lodger or to vacationers, or you can rent storage space or your garage to those that need storage or somewhere to keep their car. It’s a simple and easy way to top-up your income each month.

Financial Entitlements

From here, you should think about some of the financial situations that you could be missing out on. While this won’t apply to everyone, you may have something in your life that entitles you to some extra cash. Speak to injury lawyers if you think you may be owed a sum of money. At the same time, think about your financial products, as you may be due a refund on some of those too. This is a simple way to bring money in that is rightfully yours.

Future Investments

Next, there are investments that you might like to think about for the future. Because today isn’t the only time that you’re going to want to top-up your income. Investing in the future can be a really clever way to improve your financial health. With an IRA or property investment, you will feel peace of mind that your life is covered in the future as well as today.

Personal Skills

Another really great idea that can help you today is to look to your skills. There are so many different consulting business ideas that you could work with. By using your knowledge and expertise, you could top up your income and finally feel financially free.

Passive Sources

Finally, you might like to think about the passive income sources that you could turn to. Whether you realize it or not, you may find that you can bring in extra cash via online methods like affiliate marketing or advertising that can really help you to get to a stronger financial position.

5 Wealth Building Tips That Will Make Your Family Rich

how to choose a financial planner for your family

We have an interesting guest post today from Sani Jibo on how to choose a financial planner for your family. I know this is an increasingly popular topic, so a big thanks to Sani for sharing his insight with us. Let us know your thoughts in the comments. Thanks!


Unlike somebody calling himself a CPA, a doctor or somebody who is in position to offer you a service, pretty much anybody can call himself a “budgetary organizer” or a “money related consultant” paying little mind to their instructive foundation and expert experience. In addition, not every one of them are fair in their recommendation and not every one of them generally act in their customers’ best advantages.

To guarantee your budgetary organizer is all around qualified in individual accounts and unbiased in his recommendation, think about the accompanying five things below.Read more

How To Avoid Getting Rejected For A Mortgage

We have a great contributed post here on how to avoid getting rejected for a mortgage. Read up and let us know your experience!

The Washington Post reported that in 2016, one in every eight mortgage applications was rejected. Getting turned down for a mortgage can be hugely disappointing, but it doesn’t mean you can never get one.

If you want to avoid having your application rejected, there are few things you can do.Read more

How To Stop Spending Your Savings

We have a great contributed post today on how to stop spending your savings. Let us know your thoughts in the comments!

how to stop spending your savings

When you’re trying to save money it’s easy to convince yourself that it’s fine to take $10 here and there if you need a bit of extra cash and it won’t affect your savings goals but if you’re doing that on a regular basis, you’ll end up taking out everything that you’ve put in and end up back where you started.

It’s always difficult to avoid treating your savings account like your normal bank account and start spending money out of it but if you’re ever going to reach your savings goals, this is a habit that you need to stop right away. I know that’s easier said than done so here are some simple ways you can do it. Read more

Bathroom Remodel: When To DIY And When To Call A Pro

Have a great guest post today from Cooper Klein @ Smooth Decorator with some excellent bathroom remodel tops. He’s an entrepreneur with a degree in Marketing. He’s interested in real estate and home decor. In order to spend more time with his family, Cooper decided to take a break, and he’s currently working from home as a blogger for and several other sites. You can find him on Twitter. Let us know what you think of Cooper’s take in the comments. Enjoy!

A bathroom remodel is an extensive project that involves skilled trades like plumbing, electrical and tile work. On top of that, it’s a dense work environment where every square foot counts and every element needs to fit perfectly. Then, there are nasty surprises, such as damaged subfloor or joists due to a leaky shower. This is why many homeowners decide to call professionals. However, there is also a limiting factor – money.

If the money is taken out of the equation, no homeowner would think of DIY remodelling. Still, the cost of designer fixtures and quality stonework may prompt us to cut the expenses by doing some of the work ourselves, and call the cavalry only when our skill isn’t enough.Read more

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